15/11/2017 (Agence Europe) – On Wednesday 15 November, the European Commission approved extending the Irish credit resolution scheme for cooperatives experiencing difficulties. This scheme will be extended until 31 May 2018. The measure was initially approved in December 2011 and extended on several occasions. The last time it was a prolonged was in July this year (see EUROPE 11823). Before granting approval, the Commission examined the system’s relationship to legal rules on state aid in the Union and the communication of 10 July 2013 on the banking sector. According to the Commission, this scheme allows the Irish authorities to provide assistance to co-operatives experiencing difficulty by transferring their assets and debts to a given acquisitions body after carrying out an open and competitive procedure limited to the necessary minimum for an orderly liquidation. (MF)